[chx]

Y'all really should read Stolfi because he carefully addresses all these, gold stock etc

> gold has a source of revenue besides the investors; namely, the purchases by consumers like jewelers and industry, who take gold out of the market (2/3 of the production) for uses other than re-sale. When one buys 1 oz of gold, one gets a chip of a metal that one can sell to those consumers, and thus obtain some money that does not come from other investors.

[starcraft2wol]

This is simply mentally reclassifying "consumers" outside the category of investors.

The argument for crypto, etc is the same. There are consumers who want to make purchases, use contracts, etc.

[robertlagrant]

No, it's saying that gold has value as a commodity as well as a currency. You can't melt down a bitcoin and sell it as jewellery.

[starcraft2wol]

The commodity use of gold is very minor. It's liked in jewelry not for its utility, but its prestige. So once again gold jewelry holders look an awful lot like investors. Just like how ETH enthusiasts do, even if they also use it to perform tasks with smart contracts.